Tommy Douziech
Senior Analyst
Tesla dreams, Ford slumps
The auto market is not being reborn. It is coming back down to earth. After several years of drumbeat messaging around all-electric, imposed at breakneck speed, the industry is emerging from an industrial and political illusion. Ford's spectacular setback is the most brutal illustration.
December 18, 2025 at 10:26 am EST
Ryanair in the stratosphere
While some investors are fixated on autonomous cars or artificial intelligence, others have overlooked a far more down-to-earth rally: air travel. In 2025, the sector defied expectations even though it remains one of the market's most disliked, seen as too cyclical, too dependent on oil, and of course, vulnerable to geopolitical shocks and health crises.
December 18, 2025 at 09:31 am EST
Why might Airbnb be Bill Ackman's next buy?
Bill Ackman built his reputation on a highly concentrated, high-conviction approach designed to be held over the long term. This is a way of investing that embraces the simple idea that outperformance rarely comes from over-diversified portfolios. Several recent profiles emphasize this logic of concentration and the search for durable moats capable of growing over the long term.
December 16, 2025 at 11:11 am EST
Arista Networks spins the web at the core of networks
Founded on the idea that Ethernet would ultimately subsume all critical cloud uses, Arista built a simple and highly effective model: designing its own hardware, its operating system (EOS), and a full suite of automation and diagnostics tools.
December 11, 2025 at 03:01 am EST
Lumentum: from fiber to the heart of AI
Lumentum Holdings has established itself as one of the key suppliers of photonic building blocks. Spun off from JDS Uniphase in 2015, the group has refocused on two businesses: optical components for networks and data centers, and industrial and sensing lasers. Today, it is clearly the cloud and AI that are driving growth.
December 09, 2025 at 10:25 am EST
British American disappoints despite share's recent rally
The year 2025 has finally proved to be disappointing for the British cigarette maker, which has reported revenue growth that is below inflation and only single-digit growth in its NGP category, along with a tepid guidance for 2026.
December 09, 2025 at 09:51 am EST
Photonics: the new oil of data centers
The great AI factories are no longer marketing metaphors. We now speak of data centers with 100,000 GPUs and more, interconnected in tight clusters where every millisecond lost costs billions of poorly trained parameters. The bottleneck is no longer just compute, but rather the movement of information. Copper, which carried the internet of the past twenty years, is simply reaching the limits of what physics allows at reasonable cost.
December 09, 2025 at 09:39 am EST
Applied Materials: the next wave on equipment suppliers
Applied Materials is one of the global leaders in deposition, etching, packaging and metrology equipment. Behind a modest near-term momentum, the company is preparing to capture one of the strongest technology cycles of the decade: next-generation DRAM, GAA and advanced packaging.
December 04, 2025 at 03:32 am EST
Warren Buffett: the latest letter from the best capital allocator in history
Published for Thanksgiving, Warren Buffett's final message to his shareholders reads like anything but a routine note. At 95, the Oracle of Omaha announces his retirement, passing the baton to his successor, organizing the distribution of his fortune… but above all, he offers a lucid lesson on luck, merit, responsibility… and what it truly means to succeed in life.
December 02, 2025 at 04:27 am EST
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